2. Suppose Crescent Tigers are raising money for Wrestling team by selling raffletickets worth $4 each. Winners of the drawings get a prize worth $100, a prize worth$50, or a prize worth $25 each. If 350 tickets are sold, what is the expected gain?

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Answered: 2. Suppose Crescent Tigers are raising…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $3,000 grand prize, four $400 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets. There is one $1,000 grand prize, three $400 second prizes, and eleven $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

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2. Suppose Crescent Tigers are raising money for Wrestling team by selling raffle tickets worth $4 each. Winners of the drawings get a prize worth $100, a prize worth $50, or a prize worth $25 each. If 350 tickets are sold, what is the expected gain?